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M.Video Plans 60% of Earnings as Dividends

Home electronics retailer M.Video said Thursday that it aimed to pay 60 percent of earnings in annual dividends.

"In the past we followed a policy of a moderate annual dividend along with an extra dividend when the company had additional funds. We … believe the company should increase the annual dividends to a payout ratio of 60 percent," M.Video chairman, Peter Gyorffy, said in a statement.

The company also said its board recommended to pay 13.8 rubles ($0.42) per share, or a total of about 2.5 billion rubles, in the next annual dividend, adding the payout will represent 60 percent of net profit.

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